I3 By Iai3 Feb-2018

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Feburary 2018 Bridging the Gap Monthly English Journal Publication for Learning & Development by ‘International Association of Industry Institute Interface” Edited & Designed by: Dr. Swati Verma ([email protected]) Edited & Designed by: Dr. Swati Verma ([email protected]) Editorial By Dr. Swati Verma Page - 3 IAI3 Progression - Inside Story By Dr. Swati Verma Page - 4 Tourism - An anonymous Vocational Skill By Bhavna Seth Page - 5-9 The glass half empty By Jyoti Malkani Page - 10-11 Insolvency & Bankruptcy code - 2016 By CMA Mahendra Bhombe email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page - 12-15 Page 2 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) Dr. Swati Verma Editor “Advancing Globally” an awesome beginning of ‘I3’ Journal of IAI3 in the New Year with Visionary association and collaborations Second month of the year is full of energy and planning, approaching months of the year. Such an excitement in team for more actionable applications which will definitely fulfilling aim of team & we are more vibrant with higher exposure gradually. I3 is regularly getting more focused and approachable to everyone who want to be a part of professional voyage as it is out of any age limitation and any one and everyone with innovative perspective can become a part of this group. We are working beyond lines as our aim of Precision should never be given up at any time. More awareness and logical factual gatherings are our biggest support for reaching industry experts. I3 future editions are aiming for more breaking information of industries which will be practical discussion about vulnerabilities and gaps for which many like minded professionals are putting combine efforts and making learners life more simpler. As we always like not only to discuss about IAI3 activities but also to provide accumulated info’s to our readers which will help them to understand the challenges in market and other policy provocations for those who are targeting various education globally. So here I close by a small motivational piece The Capacity to learn is a GIFT The ability to learn is a SKILL The willingness to learn is a CHOICE email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 3 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) IAI3 (International Association of Industry Institute Interface) Progression (Inside Story) Dr. Swati Verma IAI3 Strategy Head / Corporate trainer / Entrepreneur / PHD & Naturopathy Physician Another month and we are on path of our achievements and next targets. There is a hunger of more. no time for sigh of relief and we want to move in that way only with our Dream of Passion and expression. Inputs are rising and we understand various hurdles and pull downs are path of an achievers Success. IAI3 in their fourth month is moving still with a supportive associates and stake holders. We are self drivers and believe in our collaborative strength which is a direct representation of our ongoing success. The aim to have our own training product with lots of research and development methodologies , Surveys and discussions is initiated this month and soon the team will be in exact position after data consolidations to strategies and design more accurate material, methodology driven which will definitely fulfill our aim of providing Skilled training and raising bar in Professional development. Our parallel aim to reach out to more Industries and help them understand reason of their drop in figures and how the team performance is directly proportional to precise training regularly. Our personal approach to each industry and sector is ongoing and designing their customized modules is our goal. In short Mission is magnified for “Making Youth ‘Employable’ and employed employees, ‘Professional’” This is an action oriented month as now is the time of teaming up and start implementing our ideas with full force. It's a long journey and we will be waiting for the time When we feel SUCCESS and SUCCESS for us is when we will start making difference in PEOPLE’S Lives. email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 4 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) Tourism - ”An anonymous Vocational Skill” Dr. Bhavna Seth L&D IAI3, Academician & Entrepreneur “Impact of Training and providence of Skill Education in development of Tourism: one of the most important industries in India Morgan: “Paradoxically, vocational higher education in tourism may need to rediscover these humanistic values in order to fulfil its managerial objectives of creating successful business managers”. Tourism is one of the world's largest employers and yet many communities are unsure of the benefits of tourism. The economic benefits are often the easiest to measure and the most effective; however the social and environmental benefits of tourism including protection of natural and cultural assets, supporting local events and cultural practices and provision of services and public facilities should not be overlooked. For this reason effective destination managers should regularly engage in education and advocacy of the benefits of tourism with local influencers and key community stakeholders. This includes elected representatives, leaders of business and industry, community and environment groups, and residents. Whether it is just this tendency to transcend a life and job of drudgery or just sheer wanderlust, the tourism industry is today the fastest growing industry in the world and India, which is a tourist's paradise, also has a promising and developing tourist sector. It is questionable whether the goal of tourism education is reducible to solely vocational education directly applicable to daily operations in the tourism industry. Whether skill development and field experiences are successful or not, these vocationally focused tourism education programme raise questions regarding the role of tourism education. In the midst of the vocational focus of tourism programme, schools are sending out professionals who could influence the host communities' culture and society. Is training a primary purpose of tourism education? As tourism educators, should our only responsibility be simply preparing and training students for their future careers ?Educational institutions should serve a society that does not yet exist. That is, we should educate students who can create and manage the future. Educators should guide students “to go beyond their 'native' predispositions”, and the curriculum should be “a bundle of email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 5 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) planned meanings, a package of values”, rather than skills. We should guide students in a way to create meanings from and about what they learn through reflection. So how is that possible? How can we influence students to think reflectively? In Bruner's ( words, it is about enabling students to see themselves 'outside in' not inside out', it is about providing a toolkit to critically examine what constitutes their culture. Tourism in the classrooms West Bengal Tourism Minister Krishnendu Narayan Chowdhury has always maintained that the state has immense potential as far as the tourism sector is concerned. He has suggested that tourism be introduced into the school curriculum. He has gone on record stating his intention to develop “school tourism” or organized excursions for students to places of interest and historical sites as an attempt to increase their awareness about the state of West Bengal. Prabir Singha Roy shares a similar opinion and believes that the government should introduce tourism in the school curriculum. He says, “Often the candidates who apply for jobs are keen to work in this sectorbut are not trained in the manner that we would like. Some of them have pursued diplomas but most haven't pursued academic courses in tourism. In my company, I have to train most of my recruits.” Aditi Pal of Wheels Tours and Travels also agrees, “I recruit trainees who are coached under the tutelage of the more experienced ones. Initially they assist experienced guides and coordinators and are allowed to function on their own only after I am sure that they have learnt. “The various departments include front office, booking confirmation desk, accounts including auditing, travel coordinator and manager. Now, each of these roles requires speaking skills.” Tourism is a dynamic and pervasive industry that provides a range of benefits and value to organizations, communities and regions that participate in the industry. Tourism can provide value for a destination in a number of ways: Economic – increased and diversified economic activity; flow-on economic benefits through a community; stimulus for economic development and investment; email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 6 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) Social / Cultural – enhanced quality of life, community development, employment and income, conservation of cultural heritage, increased amenity, community pride; Environmental – awareness of environmental significance, conservation of natural and built environments, implementation of sustainable practices. Many destinations have previously focused only on the economic value of tourism. However integrating both economic and non-economic impacts provides a more holistic view of tourism and better informs destination management decisions. A number of tools have been developed to assist destinations to measure and communicate the economic, social and environmental value of tourism. What is clear from the research is that a consistent, transparent and robust method is needed and that Tourism should be considered in the context of other industries in areas such as contribution to Gross Domestic Product, Quality of Life and environmental sustainability. As described at the National Portal of India, “Travel and tourism is the largest service industry in India. It provides heritage, cultural, medical, business and sports tourism. The main objective of this sector is to develop and promote tourism, maintain competitiveness of India as tourist destination and improve and expand existing tourism products to ensure employment generation and economic growth.” IITTM , the Indian Institute of Tourism and Travel Management (IITTM), an autonomous organization of the Ministry of Tourism, Government of India, is one of the premier institutes in the country offering education, training, research and consultancy in sustainable management of tourism, travel and other allied sectors committed to developing quality human resources for tourism and allied services. The target groups of its educational/ training programme extend much beyond the organized sectors of the economy. IITTM endeavors to nurture professional and managerial excellence, social and cultural sensitivity, moral and ethical responsibility with concern for the environment and strive for latest techniques to develop decision making abilities with a resolute approach towards productivity, excellence, innovation and value for others to enable its participants to keep pace with the changing scenario of the economy and its environs. Need for Sociological Understanding While tourism is widely perceived as a set of business activities or movements of people, it is also a social phenomenon; people travel from place to place, and so do their cultures. At the same time, tourists' and hosts' activities, behavioral patterns, and motivations are situated in socially specific contexts. Tourism influences, and is influenced by, macro level societal ideology, that is, “culturally determined expectations and attitudes”, as said by Shaw. The economic focus of tourism education can email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 7 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) Need for Philosophical Foundations Tourism educators and industry professionals are aware of the interconnectedness between education and the tourism industry. They appear to agree that industry needs and expectations dominate, since they are rooted in practice and application. However, this perception that education is to suit only the employment requirements of the industry may not be the most effective or desired purpose of a college education, nor provide qualified individuals as contributors not only as tourism professionals, but also as thoughtful participants in a global society. Illich warns that both society and schools confuse “teaching with learning, grade achievement with education, a diploma with competence and fluency with the ability to say something new”. Putting this in the context of tourism, teaching the packaged tourism education course appears to promise that our students learn the knowledge. A high grade point average means that they are educated, a tourism degree means that they are competent to work, and those who can talk about tourism have a broad body of knowledge. Conclusion – Rethinking Tourism Education Tourism is a relatively new field of study that emerged from vocational education. The nature of tourism education seems to contribute toward tourism pedagogies, driven by business and economic considerations. At the same time, this makes tourism education susceptible to social manipulation by these same forces. However, most discussions by educators and developers of tourism curricula tend to centre on a balance between a vocational and an academic focus. The discussion is often merely about efficient and effective transferability of school curricula to daily operations, overlooking the value of learning and the intangible impacts of tourism. It is clear that a focus on employability is at odds, or in conflict with, the goal of producing graduates capable of critical thinking. Tourism development and marketing have the potential to reinforce ideological images of the sites and result in stereotyped gender roles. In pursuit of sustainable tourism development, epistemological inquiry should play an increasingly important role in future of tourism education. tourism programme are geared toward creating managers, lack of critical inquiry may lead to managers who Unintentionally employ gender images that are damaging and oppressive in the interests of marketing. Students are “concrete persons with whom they have real ties in the process of cultural and economic reproduction”. Hence, the role of tourism education is clearly more thanprocessing or enabling students so that they are employable. The sociology of tourism should be integrated into tourism curriculum. Philosophical foundations of tourism would email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 8 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) provide students with the basis to address epistemological issues by thinking critically about tourism. Such knowledge would be valuable to practitioners in articulating existing social issues related to tourism, and foreseeing potential consequences of their practices. As educators, we are partners in the process of tourism development. We do not exist in vacuum; our knowledge and activities represent our own ideological configurations of a preferred society. Without reflective consideration on our priorities, we can easily be reduced to a reproductive force for existing ideologies in society .Apple further argues that educators are political beings, and thus they should determine where to stand and understand the influence and the consequ -ences of their actions; it is the hidden curriculum that poses moral questions. Educators may take a natural stance that supports common sense, or they could take a theoretic stance that studies the nature of common sense and our understanding of it/ Giroux recommen -ds educators provide students with intellectual and moral leadership. Taking the natural stance, our role as educators should be in preparing students to be employable, while the theoretic stance would require educators to facilitate critical thinking and moral decision making in our students. Educators are more than skilled experts in classrooms; they are “social leaders, cultural advoca -tes, and moral visionaries, spiritual directors who choose to do their leading, advocating, vision -ing and directing” Relevance of Tourism industry in this Century Liberalization and opening of the Indian economy have created a new businessenvironment in Indian in the post 1991 era. A large number of business travelersfrom the different countries of the world are visiting different metros and cities of India. A large number of Indian professional are also visiting different touristdestination within for business purpose. The Indian middle class with huge pay packets and leave travel facilities along with their working wives have emerged asone of the important tourist segments for the tourism planners in India. The Indianyouth with the opening of media and economy have become more adventure loving-outdoor-activities-orien ted ones as their western counter parts.In this fast changing socio-economic scenario in India at the dawn of the 21stcentury; the tourism planners both in the private and government sectors of the country, cannot ignore the benefits of tourism business. Tourism is going to emerge as one of the most important industry in India at the dawn of the century. However, to cope up with the growing demand for trained manpower requirements to run the tourist offices, hotels, travel agencies, air lines effectively and efficiently; a carefully drawn tourism education plan has emerged asthe primary need of the nation.In order to achieve this aim the tourism planners in India, both in private and public sectors, along with the experts, academicians and NGO's should sit downtogether; and develop the mission of creating trained manpower resources to manthe Indian tourism industry at the beginning of the this century in a socially meaningful way. Special Contribution by esteemed IAI3 member Dr. Bhavana Seth - [email protected] email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 9 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) The glass half empty” Jyoti Malkani Head Legal & Finance - IAI3 & Prop: Jyoti Malkani & Co. Chartered Accountants India after 70 years of independence has moved from traditional ways of doing things to the modern technological driven Society. Indians have modified the ways of doing business by bringing in innovations. Innovations refers to a new idea, device or a method of doing things. Indians by and large have been entrepreneurial in nature and in the past 5 years, India has digressed to a digital era with innovations in way of doing things. Being an agricultural economy, Indians have always been enterprising with small scale industries contributing to almost 70% of our GDP.We have applied better solutions that meet the new requirements, enhance existing market demands and accomplish through more-effective products, processes, services, technologies or business models that are readily available to markets, governments and society. Bringing out innovations refers to creating something original, more effective and as a consequence breaking the old methods by exploring different new ways of accomplishing things. How has education transformed over these years? The advanced use of technology has definitely enhanced this sector, but are we producing sufficient employable individuals to take over the job market. Let us look into our lives here and the people we meet in our day to day lives. We understand that there are few things common between all of them: Drive, Determination and Passion. “The difference between who you are and who you want to be, is what you do.” So how does one resolve this difference. What to do? Most people lack the drive to do something over and above the routine. It is easy to stay the course in your life; it is much harder to harness your drive and take the leap. However, once you take the first step the journey begins. No matter what your journey is, it all begins with drive. Once you take the first step you want to stay determined to succeed. Some are more determined than others, but determined nonetheless.Success in life can be measured in many ways: money, family, loved ones who care but it is the determined individual that doesn't admit defeat on their goals, their relationships, and their challenges. That person is truly successful. Life isn't easy, and it certainly isn't fair. But if you are determined to make a difference, in any way, you will. Without determination to attain higher goals, life will pass you by. You can be a driven and determined individual, but without passion you will never be able to make that mark. Passion is visible to others. But how does one get passionate about something. Does it mean “what I Love to do the most” or is it “Love what you do” Let us look at passion from a nation's prospective. Macroeconomics talks about a nations wellbeing and this is through its people, as its these people who bring about change, innovation, advancement etc thereby leading to GDP growth. So, we as well-educated citizens of our country must be proud of our coming generations- The youth. How do they feel, what are their needs and desires? Well they all do have the drive, determination and the passion to achieve more and be successful but are they truly independent and feels secure in terms of getting a well settled job? Well, the answer is known to most of us and is definitely email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 10 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) “no”. Is it because a simple graduate is nothing but “Jack of all but master of none”.Its' only the professional courses in our country that give you technical expertise and bring out employable professionals. A doctor, an MBA, an engineer, or a CA etc are the few professions where the job market absorbs them directly. They are generally never unemployed. Have you ever wondered why? Well the answer is simple, its because they hold professional specialisation. They are specialised in the degree they carry. However, a large part of our population does not belong to this breed as there are various other roles also in an industry which some individuals play over and above these professionals. Now here is where the glass is half empty. If we look at this we understand that the practical applicability and the industry demands need to be kept in mind in making of these graduates. Graduates need to be specialized to meet the industry standards. Let us enumerate few ways in which this can be done. 1.Focus on demands of the industry: - Education should look at what the industry wants. For eg: if a graduate applies for the post of reception, he/she may be capable of speaking in good English etc and also will have the basic computer skills however the industry needs someone who can easily work on the given ERP or be excellent in Microsoft office, good in written and oral communication skills to perform better in that role. This can be called as a specialization to the role. We can dissect industry roles into various categories and define specifics for each role and equip the youth towards specific job roles. 2.Focus on the changes in the international front: - India today plays a major role in global economy and thus this aspect cannot be ignored. When we look at industry taking shape in the world economics our youth should be at par with that in the world. 3.Groom for the future.:-Change the way we see today. In this everchanging fast environment change is the only one thing that is constant. Making youth flexible to adopt change is one key element in bringing about specialisation in the way we do things. Thus, with this we can create a large amount of passion in our youth. Passion to do more and also the industry will also be able to get the right match for the job position. So, when you look for the “glass-half-full” you'll find it. Let us look for making this glass full. Special Contribution by esteemed IAI3 member CA Jyoti Malkani - [email protected] email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 11 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) Insolvency & Bankruptcy Code - 2016 CMA Mahendra Bhombe Quick resolution in case of debt Overhead IAI3 Head Legal & Finance, CA & Entreprenuer Brief of Bankruptcy & Insolvency code, 2016 The Insolvency and Bankruptcy Code, 2016 has been introduced with the primary objective of increasing lender’s confidence and facilitating expansion of the credit market in India. The code offers a way out to the creditors by allowing them to identify and resolve the financial hurdles and failures at an early stage. Insolvency: When an individual or a business entity is unable to meet its outstanding debts to the investors, creditors or lenders that person or business entity is termed as insolvent and this whole state is called insolvency Bankruptcy: Bankruptcy is more or like insolvency but when a person declares himself as an insolvent and submits same to the juridical authorities. On being bankrupt it is the responsibility of the court to liquidate the assets and distribute the sale proceeds to the creditors. email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 12 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) Insolvency Resolution Process: When any corporate or business entity is not able to pay back the amount to its creditors or investors or lenders on time and this goes on for a very long period of time, this leads to the process of insolvency for which the application of insolvency is submitted to the National Company Law Tribunal (NCLT). The insolvency resolution process can be initiated by any one of below: • Financial creditor • Operational creditor • Corporate debtor himself Provided operational creditor has to send a prior notice of demand for 10 days to the corporate debtor before the initiation of insolvency resolution process. Process flow chart for Insolvency Resolution Application: The Code will apply to companies, partnerships, limited liability partnerships, individuals and any other body specified by the central government. email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 13 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) Insolvency Resolution: The insolvency resolution process (IRP) for individuals varies from that of companies. These processes may be initiated by either the debtor or the creditors. Resolution process for individuals and partnerships: Before going in for insolvency resolution, the debtor may apply for forgiveness of a specified amount of debt, provided that his assets are below a limit set by the central government. This process will have to be completed within six months. In case of insolvency resolution, negotiations between the debtor and creditors will be supervised by an insolvency professional. If negotiations succeed, a repayment plan, agreed upon by a majority of the creditors, will be submitted to the adjudicator. If they fail, the matter will proceed to bankruptcy resolution. Insolvency professionals and agencies: The IRP will be managed by a licensed professional. The professional will also control the assets of the debtor during the process. Information Utilities: The Code proposes to establish information utilities which will maintain a range of financial information about firms. These utilities will collect, collate and disseminate this information to facilitate insolvency resolution proceedings. email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 14 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) Insolvency regulator: The Code seeks to establish the Insolvency and Bankruptcy Board of India, to oversee insolvency resolution in the country. The Board will have 10 members, including representatives from the central government and Reserve Bank of India. It will register information utilities, insolvency professionals and insolvency professional agencies under it, and regulate their functioning. Offences and penalties: The Bill specifies that for most offences committed by a debtor under corporate insolvency (like concealing property, defrauding creditors, etc.), the penalty will be imprisonment of up to five years, with a fine of up to one crore rupees. For offences committed by an individual (like providing false information), the imprisonment will vary based on the offence. For most of these offences, the fine will not exceed five lakh rupees. Conclusion: Bankruptcy bill provides for creation of an Insolvency and Bankruptcy Fund, an Insolvency and Bankruptcy Board of India to regulate insolvency professional, agencies and information utilities. The code allows a corporate debtor itself to initiate insolvency resolution process once it has defaulted on a debt. The code provides for time limit of 180, days extendable by further 90 days, for completion of insolvency resolution process. Financial creditors can also initiate corporate insolvency resolution process. Special Contribution by esteemed IAI3 member CMA Mahendra Bhombe - [email protected] email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/ Page 15 Feburary - 2018 Edited & Designed by: Dr. Swati Verma ([email protected]) F E B U “IAI3” R Expert Association REDEFINING A PROFESSIONAL SKILLS R Y email id [email protected] https://www.linkedin.com/in/iai3-training-association-99ab63155/